Indiana § 27-1-29.1-7 Establishment of fund; purpose; administration; expenses; depositories;
investment

Indiana Statutes

§ 27-1-29.1-7 — Establishment of fund; purpose; administration; expenses; depositories; investment

Indiana § 27-1-29.1-7

Title 27INSURANCE

Art. 1DEPARTMENT OF INSURANCE

Ch. 29.1Political Subdivision Catastrophic Liability Fund

This text of Indiana § 27-1-29.1-7 (Establishment of fund; purpose; administration; expenses; depositories; investment) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 27-1-29.1-7 (2026).

Text

(a)The political subdivision catastrophic liability fund is established for the purpose of:

(1)paying a part of certain liabilities of members of the fund under this chapter;

(2)receiving assessments paid by fund members to replenish the fund and to pay the principal of the interest on bonds or notes issued by the commission under IC 27-1-29-17(b)(1); and

(3)receiving money from any other source.

(b)The fund shall be administered by the commission, using the powers granted in IC 27-1-29-7, as modified by this chapter.

(c)The expenses of administering the fund shall be paid from money in the fund.

(d)All money received by the commission under this chapter, whether as assessments, proceeds from the sale of bonds, or revenues, are trust funds, to be held and applied solely as provided

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(a) The political subdivision catastrophic
liability fund is established for the purpose of:
(1) paying a part of certain liabilities of members of the fund
under this chapter;
(2) receiving assessments paid by fund members to replenish the
fund and to pay the principal of the interest on bonds or notes
issued by the commission under IC 27-1-29-17(b)(1); and
(3) receiving money from any other source.
(b) The fund shall be administered by the commission, using the
powers granted in IC 27-1-29-7, as modified by this chapter.
(c) The expenses of administering the fund shall be paid from
money in the fund.
(d) All money received by the commission under this chapter,
whether as assessments, proceeds from the sale of bonds, or revenues,
are trust funds, to be held and applied solely as provided in this
chapter. Current operating funds shall be kept in depositories selected
by the commission. The commission shall deposit with the treasurer of
state the money in the fund not currently needed to meet the obligations
of the fund, and the treasurer of state shall invest such money for the
commission in accordance with the provisions of any resolution or trust
agreement that the commission may adopt or enter into under this
chapter or IC 27-1-29. Interest that accrues from these investments
shall be credited to the commission and to the fund.
(e) Money in the fund at the end of a fiscal year does not revert to
the state general fund.